Tom Sherak, Academy of Motion Picture Arts and Sciences president, said: "I'm thrilled to welcome Billy back to the Oscar stage. He's a comic legend and Oscar icon, and it feels good to have him back where he belongs."

The actor was reportedly the first choice of new producer Brian Grazer, who replaced Ratner yesterday.

Grazer said: "Like so many others, I've been eager to see Billy host again. It's very gratifying that he agreed to do it with Don [Mischer] and me at the helm."